02-10-2011, 05:05 PM
The house next door to us sold at a foreclosure auction about two months ago for around $575K. About three weeks prior to the foreclosure auction, someone offered $350K for it and was turned down. Several weeks after the foreclosure aucton it was on the market for $250K. Lots of folks looked at it, but no takers. The folks who offered $350K didn't reappear. Apparently, getting the mortgage is a problem. They lowered the price to $209K and it finally has a contingent offer on it. At this moment, I don't know any more than that.
We've had our eye on three properties for a long time. About a year and a half to almost two years ago we offered $85K on one property and it finally sold two weeks ago for $95K but it didn't sell to us and our Realtor didn't get notice someone had put a bid on it until it was sold so we couldn't put in an additional offer. One of the other properties we had been looking at also sold that same day, and the third property had sold mere hours before we were getting around to putting an offer on it, although that had sold the week before. So what with all these properties we'd been eyeing selling off all of a sudden, we got a bit more serious about looking. A better property than the ones we'd been looking at came up on the market, we looked at it and made an offer the second day it was on the market and there were three offers for the seller to consider. We were fortunate that he chose ours so now we get to go find a mortgage. So far it seems fairly intricate but do-able. I don't really think we've seen the bottom of the market, but we are buying this house to live in so it doesn't really matter.
"I like yard sales," he said. "All true survivalists like yard sales."
Kurt Wilson
We've had our eye on three properties for a long time. About a year and a half to almost two years ago we offered $85K on one property and it finally sold two weeks ago for $95K but it didn't sell to us and our Realtor didn't get notice someone had put a bid on it until it was sold so we couldn't put in an additional offer. One of the other properties we had been looking at also sold that same day, and the third property had sold mere hours before we were getting around to putting an offer on it, although that had sold the week before. So what with all these properties we'd been eyeing selling off all of a sudden, we got a bit more serious about looking. A better property than the ones we'd been looking at came up on the market, we looked at it and made an offer the second day it was on the market and there were three offers for the seller to consider. We were fortunate that he chose ours so now we get to go find a mortgage. So far it seems fairly intricate but do-able. I don't really think we've seen the bottom of the market, but we are buying this house to live in so it doesn't really matter.
Kurt Wilson
Kurt Wilson